Li Auto vs NIO
Li Auto reported revenue of CN¥112.3 billion in fiscal 2025, 1.3 times NIO's CN¥87.5 billion in fiscal 2025. Li Auto's revenue fell 22.2% in its latest year, and NIO's grew 33.1%. Li Auto had an operating margin of -0.5%, against -16.1% at NIO. Free cash flow was −CN¥12.8 billion at Li Auto and −CN¥3.1 billion at NIO.
Side by side
| Li Auto | NIO | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | CN¥112.3B | CN¥87.5B |
| Revenue growth | −22.2% | 33.1% |
| Revenue growth a year, last 5 years | 64.0% | 40.0% |
| Gross margin | 18.7% | 13.6% |
| Operating margin | −0.5% | −16.1% |
| Net margin | 1.0% | −17.1% |
| Free cash flow | −CN¥12.8B | −CN¥3.1B |
| Free cash flow margin | −11.4% | −3.5% |
| Return on capital | −1.6% | — |
| Net debt to EBITDA | −8.8x | — |
| Dividends and buybacks | CN¥0M | CN¥0M |
| Change in diluted share count | 0.6% | 10.6% |
| Last close | $11.35 | $3.26 |
| P/E at the last close | — | — |
| Insider trades, last 12 months | — | — |
| Piotroski F-score | 1 of 9 | 6 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
CNY billions, fiscal years
Li AutoNIO
Operating margin
Percent of revenue
Li AutoNIO
Free cash flow
CNY billions. Cash from operations minus capital expenditure.
Li AutoNIO